You’ve probably heard it time and again by now—protecting your data is more vital today than ever. Of course, this leads us to the obvious question: what’s the best way to go about ensuring that protection?
According to what the IPS team heard at this year’s HCAA Executive Forum, the answer is increased cybersecurity—and investing in the technology to support it. Of course, the right technology won’t always come cheap. Like any purchase, you get what you pay for—and in the case of strong, reliable tech that protects your company’s sensitive data, that means making an investment.
Shelling out more for that technology can be painful in the short-term, but there’s no question that it’s money well-spent. According to recent studies, the average cost of a data breach rose to $4.88 million in 2024, a noticeable increase of 10% from the past year. This number isn’t going down anytime soon, either, as cyberattacks continue to grow in frequency. Compared to the costs of a breach, IT upgrades cost you far less. In order to avoid ending up like Change Healthcare, companies need to be ready to make that investment.
The right technology can make locking down data simpler and, most importantly, safer. Investing in that technology to support cybersecurity has become an absolute necessity for businesses of all sizes. Companies today store a vast amount of sensitive data online, putting them in the line of fire for potential data breaches, ransomware attacks, and unauthorized access. These threats can result in severe financial losses, damage to a company’s reputation, and the loss of customer trust. Implementing advanced cybersecurity technologies such as firewalls, intrusion detection systems, and data encryption helps protect critical assets from being compromised.
While the ultimate goal here is to avoid a security breach, sometimes the worst comes to pass through sheer unfortunate circumstance. In that scenario, utilizing artificial intelligence and machine learning-driven security systems can provide real-time threat detection and swift response capabilities. In the event of a cyberattack, technology can give you the ability to easily examine what was targeted—what files, what emails, etcetera—as opposed to combing through terabytes of data. Having those tech tools in place allows for a quick reaction time, which is key in the worst-case scenario that your system is actually breached, giving you the chance to mitigate potential damage before it escalates.
Strong cybersecurity technology goes beyond just safeguarding data—it also ensures compliance with industry regulations, which often require businesses to meet stringent data protection standards. In sectors like finance, healthcare, and retail, failing to adhere to these standards can lead to hefty fines and legal consequences. Moreover, as cyberattacks become more sophisticated, relying on outdated or insufficient security measures is no longer an option.
IPS’ solutions are fully equipped to help, cutting down on cyberattack points of entry through our consolidated solutions built on Salesforce, Encompass+ and Transparency+. Our technology ensures robust security that safeguards protected health information—and our clients’ trust. Not only does Salesforce conduct a full security review of our platforms annually, but they perform additional audits at regular intervals throughout the year. If any issues are found, IPS’ platforms are briefly removed until the issues are rectified to Salesforce’s satisfaction.
Of course, we understand that investing in stronger technology can mean making a claims admin platform change. We’ve worked to eliminate the stress of switching operating systems, overcoming the top objections companies commonly have.
- No Long Integration Time
Our 90 to 180-day implementation process eliminates delays.
- No High Implementation Costs
We eliminate upfront costs, ensuring we don’t get paid until the job is done.
- No Rushed Go-Live
We transition on your timeline, making sure systems are ready before going live.
- Lower Financial & Fiduciary Risk
We assume the financial risk, with built-in safeguards for your protection.
Security is only going to grow more important. Is your technology strong enough to stand against increasing threats?
Make sure the answer is yes with IPS—reach out today and let’s talk !
